IBRC Liquidation

Dáil Éireann Debate, Tuesday - 8 April 2014

Tuesday, 8 April 2014

Ceisteanna (28)

Pearse Doherty

Ceist:

28. Deputy Pearse Doherty asked the Minister for Finance if he is satisfied with testimony given to the Joint Committee on Finance and Public Expenditure and reform by the special liquidators recently, when a person (details supplied) revealed that the legal firm advisers to Irish Nationwide Building Society since 2001, who advised against the suing of the firm's auditors KPMG in 2009, is the legal firm giving advice to the special liquidators now to not sue KPMG. [16065/14]

Freagraí scríofa

Minister for Finance

I have been advised by the Special Liquidators that they have held discussions with McCann Fitzgerald who have confirmed that their work during the period concerned did not involve assessing the business strategy of Irish Nationwide Building Society ( INBS ), corporate governance and/or audit issues.

The Special Liquidators have informed me that McCann Fitzgerald confirmed that they would certainly have not considered themselves as standing Counsel to INBS and that they were only involved in one large project for INBS, namely the demutualisation process and the proposed sale of INBS, that subsequently did not go ahead.

In summary I have been advised therefore that no conflict exists in accordance with the views of KPMG, McCann Fitzgerald and/or the new board appointed to INBS.